The trend on the 4-hour chart is aligning with the 1-hour chart, presenting a bullish structure. The price began to reverse after bottoming at 3.026 and is currently stabilizing above the critical long-term EMA99 moving average, forming higher highs and higher lows, which is a clear signal of an upward trend.
The current price is making a healthy pullback towards the critical EMA moving average support level, providing us with a high-probability entry point. The trigger will be the RSI indicator on the 15-minute chart. Currently, the RSI is hovering below the 50 level, indicating that short-term momentum is consolidating. We need to wait for the RSI to decisively break above the 50 midline, which will confirm that buyers have regained control of the market and the pullback is over. The price reaction at the support near EMA99 (around 3.178) is another key confirmation signal.
The logic of this long setup is that we are looking for entry opportunities near a key dynamic support level in an established upward trend. Buying near the EMA99 moving average while waiting for confirmation from the RSI momentum indicator can maximize the chances of a successful trade, as we are trading in the direction of the larger trend and entering at a controlled risk position.
Actionable Setup Now (LONG)
Entry: market at 3.199
TP1: 3.280
TP2: 3.350
TP3: 3.420
SL: 3.150
$MYX
